ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Calculate the opportunity cost of producing jeans for each country.arrow_forwardIn the picture below is the full question. The highlighted one is my guess which is wrong. Based on the production table above, what is the opportunity cost of 1 burger in 'Merica A) 1/3 of a burger B) 1/2 a burger(this one is wrong) C) 3 units of fries D) 2 units of friesarrow_forwardI've already read the answer provided on this site, but it is not giving me the information I need. I understand the math for finding the opportunity costs for each item in each country. However, where are they getting the answer that 2.5 tons of chemicals is what the US will give up, and 1 ton of apparel is what China will give up? From videos I've seen on youtube, they basically state that as long as the cost is less than what the original opportunity cost is, then nations will trade. So, it costs China 4 apparel for every 1 ton of chemicals, and in the US it costs 1 apparel for every 3 tons of chemicals. Am I right to assume that as long as China can trade less than 4 apparel it will benefit, and as long as the US can trade less than 3 tons of chemicals it will benefit? If so, then what is the math being used to arrive at exactly 1 ton of Chemicals for 1 ton of Apparel for China, and 1 apparel for 2.5 tons of Chemicals for the US? I need to understand the math that is used to…arrow_forward
- Karen can make 4 jackets or 17 ties in one day working at the clothing factory. Joe can make 8 jackets or 28 ties in one day working at the clothing factory. What is Karen's opportunity cost of producing 1 tie? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up. Your Answer: Answer units 696 MacBook Aarrow_forwardKyoko can read 30 pages of astronomy in an hour. She can also read 20 pages of philosophy in an hour. She spends 6 hours per day studying. Use the blue line (circle symbol) to draw Kyoko's production possibilities frontier (PPF) for reading astronomy and philosophy.arrow_forwardAnswer please questions!arrow_forward
- Production possibilities. If the supply of capital falls by10 percent and the supply of labor increases by 10 percent, how will the PPF for wheat and cloth change?arrow_forwardThe slope of the production possibilities frontier is calledarrow_forwardIf Bishan wants to capitalize on comparative advantage in his life, then he should: produce either goods or services but not both. do more of what he is relatively good at and then trade for other things. do more of what he has an absolute advantage in and trade for other things. compare his preferences to those of others and trade with those who like things he does not like.arrow_forward
- In 50 words, tell the reason why PPF do not bow inward.arrow_forwardSuppose Italy can make either 1000 statues or 700 bottles of wine. Suppose the US can make either 100 statues or 900 bottles of wine. How should each specialize?arrow_forwardYou are speaking with a friend from a country in sub-Saharan Africa and he remarks that, to him, it seems like the Western world is purposefully keeping countries in the global south poor. Regardless of whether or not you agree, what is something from this course that you could tell your friend to look into to further explore this possibility?arrow_forward
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